the Platforms and Analytics groups maintained positive margins due to the recurring revenue elements of those businesses. The sequential increase in corporate costs reflects the impact of the third quarter reversal

the platforms and analytics groups maintained positive margins due to the recurring revenue elements of those businesses the sequential increase in corporate cost reflects the impact of the third quarter reversal


just what we know today, that it would be at least as high as what we have in '16, because the continued investment in innovation and the positive improvements in quality that I think we'll continue to see some benefits of next year.

just what we know today that it would be at least as high as what we have in '16 because the continued investment in innovation and the positive improvements in quality that i think we'll continue to see some benefits of next year


and nonflagship smartphones. We are delivering greater profitability and cash flow growth, which enables us to remain a leader in the return of capital to shareholders.

and non-flagship smartphones we are delivering greater profitability and cash flow growth which enables us to remain a leader in the return of capital to shareholders


of raw material costs going into the quarter, which needless to say, through our Price Right Strategy, we were able to preserve and protect and, therefore, generate margin expansion in the third quarter last year. We knew that was going to be a tough comp, and we talked about it

of raw material cost going into the quarter which needless to say through our price right strategy we were able to preserve and protect and therefore generate margin expansion in the third quarter last year we knew that was going to be a tough comp and we talked about it


Although we have seen a few changes resulting from large accounts adjusting their current needs, these customers continue to thrive, and we continue to have relevant relationships with them.

although we have seen a few changes resulting from large accounts adjusting their current needs these customers continue to thrive and we continue to have relevant relationships with them


Consistent with the third pillar of our strategy around capital allocation, we will continue to be disciplined capital allocators to drive long-term value for shareholders.

consistent with the third pillar of our strategy around capital allocation we will continue to be disciplined capital allocators to drive long-term value for shareholders


to give us the infrastructure in Brazil, in China, in India, in South East Asia that will then allow us to put all of our categories through that pipe. So we have great

to give us the infrastructure in brazil and china and india and southeast asia that will then allow us to put all of our categories through that pipe so we have great


our white space chocolate expansion and gains in displays and shelf space as we capitalize on our competitor's transition out of its DSD network.

our white space chocolate expansion and gains in displays and shelf space as we capitalize on our competitor's transition out of its dsd network


safety record are key attributes that we believe will enable us to win new business with these utility companies and possibly with others.


Over his decades of service to Reading, Bill's thoughtful advice, counsel and insights as a Director contributed significantly to making our company what it is today.

over his decades of service to reading bill's thoughtful advice counsel and insights as a director contributed significantly to making our company what it is today


needed to move this program from where it is today as a positive Phase II into pivotal development. And I alluded to some of that in the prepared remarks relating to

needed to move this program from where it is today as a positive phase ii into pivotal development and i alluded to some of that in the prepared remarks relating to


We believe that our current cash, cash equivalents and short-term investments will be sufficient to fund current operations into 2019. With that, I will now turn the call back over to Troy.

we believe that our current cash cash equivalents and short-term investments will be sufficient to fund current operations into 2019 with that i will now turn the call back over to troy


Our success has always been driven, of course, by our people and the quality of our back office of support services we provide to clients. We've been fortunate to see

our success has always been driven of course by our people and the quality of our back office support services we provide to clients we've been fortunate to see


We have already made a great start that looks very promising. This has the potential to help us take our margin to levels never seen before in this industry.

we have already made a great start that looks very promising this has the potential to help us take our margin to levels never seen before in this industry


to make strategic buy-ins for both data center solutions and client devices. This helped us mitigate the memory price increase and supply issues felt across the industry.

to make strategic buy-ins for both data center solutions and client devices this helped us mitigate the memory price increase and supply issues felt across the industry


enables our customers to integrate more sensing, more analysis and more control into these industrial Internet of Things systems, without having to build a system from scratch.

enables our customers to integrate more sensing more analysis and more control into these industrial internet of things systems without having to build a system from scratch


kind of like a same-store sales number or something? Or alternatively, what TPV will look like when these users reach the level of activity that you see among your average user?

kind of like a same-store sales number or something or alternatively what tpv will look like when these users reach the level of activity that you see among your average user


We acknowledge that we still have some work to do with the ex-Alesco businesses. We believe that in general, we are working on all the right things, and we are confident about the upside potential for these businesses in our hands.

we acknowledge that we still have some work to do with the ex alesco businesses we believe that in general we are working on all the right things and we are confident about the upside potential for these businesses in our hands


But we are bullish on our ability to sell integrated bundles with DIRECTV. We are also excited about the business opportunities associated with the potential Time Warner acquisition,

but we are bullish on our ability to sell integrated bundles with directv we are also excited about the business opportunities associated with the potential time warner acquisition


In conclusion, we are optimistic about the momentum we are seeing in our business and believe the key economic and operating metrics we are experiencing indicate that a Las Vegas market recovery is underway.

in conclusion we are optimistic about the momentum we are seeing in our business and believe the key economic and operating metrics we are experiencing indicate that a las vegas market recovery is underway


which commented on the absolute dollar amount of redemptions we had in the first half of the year. The way we think about redemptions, we certainly track them as -- we think about redemptions as a percentage of capital and not obviously the absolute dollar amount. And

which commented on the absolute dollar amount of redemptions we had in the first half of the year the way we think about redemptions we certainly track them as what we think about redemptions as a percentage of capital and obviously the absolute dollar amount


Herbalife compensates its distributors based on their wholesale purchases of products from the company and the purchases of product of their down line, people that they've recruited and that their recruits have recruited.

herbalife compensates its distributors based on their wholesale purchases of products from the company and the purchases of products of their downline people that they've recruited and that their recruits have recruited


has been strong and continues to be strong at the moment. Now like you said, I mean, there's always the chance of some volatility. But

has been strong and continues to be strong at the moment now like i said i mean there's always the chance of some volatility but


cleaner energy and emerging market growth. The Jazan project in Saudi Arabia is a great example of how big these projects can be.

cleaner energy and emerging market growth the jazan project in saudi arabia is a great example of how big these projects can be


and will only have value if the company reaches these important company milestones that have been designed specifically to align with the interest of our shareholders,


I shared with you at the end of fiscal '17 the progress we have made to become one of the most trusted and respected consumer product companies in the world.

i shared with you at the end of fiscal '17 the progress we have made to become one of the most trusted and respected consumer product companies in the world


As we discussed at length last quarter, we are operating in a challenging environment. And I'm encouraged that DST continues to deliver strong and stable results in the face of these dynamics.

as we discussed at length last quarter we are operating in a challenging environment and i'm encouraged that dst continues to deliver strong and stable results in the face of these dynamics


But the team is hard at work and the level of activity is pretty good. So we feel good. It's a different market than it used to be. I think that it's important to -- I think that

but the team is hard at work and the level of activity is pretty good so we feel good it's a different market than it used to be i think that it's important to -- i think that you


cost-cutting, as I said. This not about slashing and burning. This is about building an incredible relationship with customers. It's about having the best products in our market. And it's about just being smarter and more efficient

cost cutting as i said this is not about slashing and burning this is about building an incredible relationship with customers it's about having the best products in our market and it's about just being smarter and more efficient


Our new home sales are generally all-cash transactions to customers who are using our homes as second homes and want to escape the harsh northern winters. We see high demand for our homes and communities.

our new home sales are generally all cash transactions to customers who are using our homes as second homes and want to escape the harsh northern winters we see high demand for our homes and communities


I also want to remind everyone that any forward-looking statements made during this call are subject to risks and uncertainties, the most important of which are described in our press release and SEC filings.

i also want to remind everyone that any forward-looking statements made during this call are subject to risks and uncertainties the most important of which are described in our press release and sec filings


The next phase will consist of leveraging customer data and insights to deliver tailored messages and service recommendations to our customers based on their specific vehicle needs.

the next phase will consist of leveraging customer data and insights to deliver tailored messages and service recommendations to our customers based on their specific vehicle needs


chart where we show you the first area on the first line. You know already everything. So I don't repeat it. On the second one, some news that came out today.

chart where we show you the first area on the first line you know already everything so i don't repeat it on the second one some news that came out today


Segment earnings were favorably impacted by the higher sales volume in the quarter, which was partially offset by higher manufacturing costs related to increasing production levels, learning curves

segment earnings were favorably impacted by the higher sales volume in the quarter which was partially offset by higher manufacturing costs related to increasing production levels learning curves


was offset by higher interest expense related to acquisition financing and increased depreciation and amortization resulting from acquisitions and capital investments.


For some time now, we've been evaluating various opportunities to acquire additional cell and gene therapy manufacturing tools and services, companies or technologies to accelerate growth.

for some time now we've been evaluating various opportunities to acquire additional cell and gene therapy manufacturing tools and services companies or technologies to accelerate growth


And while you outperformed most of these companies, Jeff, my question is how does the company think about the need to stretch the objective in this particular area as some of the peers have done?

and while you outperformed most of these companies jeff my question is how does the company think about the need to stretch the objective in this particular area as some of the peers have done


Now also elsewhere in Mozambique, we are evaluating 3 high potential blocks for which we were awarded the right to negotiate exploration and production rights.

now elsewhere in mozambique we are evaluating 3 high potential blocks for which we were awarded the right to negotiate exploration and production rights


it is not in any way impacting our operating flexibility. There's not a single decision we have taken which has been impacted by this. We are operating and focused on what I call back to the basics.

it is not in any way impacting our operating flexibility there's not a single decision we have taken which has been impacted by this we are operating and focused on what i call back to the basics


technical expertise and a track record of drilling horizontal wells to the new company. KLR Energy was a stack as a special purpose acquisition company

technical expertise and a track record of drilling horizontal wells to the new company klr energy was a spak that's a special purpose acquisition company


significantly stronger than our prior guidance, supported largely by favorable weather conditions that provided our customers the ability to pick up their equipment prior to year-end.

significantly stronger than our prior guidance supported largely by favorable weather conditions that provided our customers the ability to pick up their equipment prior to year-end


Quite frankly, at this juncture, we would much rather have demand outweigh supply and potentially miss a few sales than to build inventory too quickly and risk excessive markdown events.

quite frankly at this juncture we would much rather have demand outway supply and potentially miss a few sales than to build inventory too quickly and risk excessive markdown events


outweigh the supply because that hasn't happened here in a while. Fall, when it delivers, will sit with some of the summer deliveries that will still be on the floor and start to be marked down, which is

outweighed supply because that hasn't happened here in a while fall when it delivers will sit with some of the summer deliveries that will still be on the floor and start to be marked down which is


We look at all of our existing villages, and it's part of our strategy to reshape the portfolio. Where we see an opportunity to grow or redevelop villages in strong metropolitan locations,

we look at all of our existing villages and it's part of our strategy to reshape the portfolio where we see an opportunity to grow or redevelop villages in strong metropolitan locations


In terms of acquisitions, Lagan's performance has been strong since its acquisition last April and benefited from the more favorable market conditions, particularly in the Republic of Ireland.

in terms of acquisitions laggen's performance has been strong since its acquisition last april and benefited from the more favorable market conditions particularly in the republic of ireland


There are a lot of reasons. And you see a lot of speculation in the market. We will not participate in that speculation, but let me share our view on the market dynamics in airfreight for a moment.

there are a lot of reasons and you see a lot of speculation in the market we will not participate in that speculation but let me share our view on the market dynamics in air freight for a moment


as we bring on new clients and we start to engage in new services, the trend tends to be that folks that are newer to outsourcing and

as we bring on new clients and we start to engage in new services the trend tends to be that folks that are newer to outsourcing and


so therefore, I mean as I work towards having profit, I do not focus on the top of the pyramid unless I can have a differential and charge a premium for it.

so therefore i mean as i work towards having profit i do not focus on the top of the pyramid unless i can have a differential and charge a premium for it


Strong operating improvement in the first quarter reflects organic growth in each business, including Reinsurance, and improved return on their investments in data and analytics across the portfolio.

strong operating improvement in the first quarter reflects organic growth in each business including reinsurance and improved return on our investments in data and analytics across the portfolio


and we own the IP. And so we will continue to work with Boeing and Airbus and others in terms of helping them in their endeavors to participate more fully

we own the ip and so we will continue to work with boeing and airbus and others in terms of helping them in their endeavors to participate more fully


and significant return of capital to our shareholders through share repurchases and dividends. With that as context, let's review the highlights of the second quarter.

and significant return of capital to our shareholders through share repurchases and dividends with that as context let's review the highlights of the second quarter


As you remember, we had a lull in -- or a dip in state funding, a little better than a year ago with some budget issues that came back and put some funds back in.

as you remember we had a lull in -- or a dip in state funding a little better than a year ago with some budget issues that came back and put some funds back in


We intend to keep developing new convergent products and services, to work on a new business plan and new business developments, and to generate the ability to provide media services

we intend to keep developing new convergent products and services to work on a new business plan and new business development and to generate the ability to provide media services


Let me summarize the plot again. We acquire traditional broadcasting portals that are monetized through best-case slowly growing ad revenues as the only revenue stream.

let me summarize the plot again we acquired traditional broadcasting portals that are monetized through best case slowly growing ad revenues as the only revenue stream


But given how the business is doing, given the organic growth opportunities that I think that are out there for us, for me, there's no strategic imperative for us to go out and do that.

but given how the business is doing given the organic growth opportunities that i think that are out there for us for me there's no strategic imperative for us to go out and do that


lower cost options and what the patient will pay out of pocket. PreCheck MyScript is one element in our synchronized approach to pharmacy care

lower cost options and what the patient will pay out of pocket protectmyscript is one element in our synchronized approach to pharmacy care


There is a corollary product that we call Upgraded Boarding. For any seats that have not been sold yet as Business Select,

there is a corollary product that we call upgraded boarding for any seats that have not been sold yet as business select


We're not intending to grow aggressively at all next year, although the percentage increase will be higher than 2017, but we want to manage it in such a way that we drive

we're not intending to grow aggressively at all next year although the percentage increase will be higher than 2017 but we want to manage it in such a way that we drive


as you get sort of less visibility out there? I guess what I'm trying to ask, is there any conservatism embedded in here? Or is this sort of the demand visibility as you have it?

as you get sort of less visibility out there i guess what i'm trying to ask is there any conservatism embedded in here or is this sort of the demand visibility as you have it


We'll look at markets where we think there is loan demand we may be underpenetrated. We may open a few branches here and there. But for the most part, I think you can probably expect the branch count to be pretty flattish over time.

we'll look at markets where we think there is loan demand we may be underpenetrated we may open a few branches here and there but for the most part i think you can probably expect the branch count to be pretty flattish over time


And if there are good opportunities out there in the market to go ahead with new transactions, we will certainly review them and recommend as management to our board

and if there are good opportunities out there in the market to go ahead with new transactions we will certainly review them and recommend as management to our board


dominated business? Can you take a lot of those best practices in terms of the speed of design and the speed in the supply chain and translate that into a wholesale business?

dominated business can you take a lot of those best practices in terms of the speed of design and the speed in the supply chain and translate that into a wholesale business


so many folks within Lending Club kind of ready to have conversations today and really try to walk folks through and help them digest the information as well.

so many folks within lending club kind of ready to have conversations today and really try to walk folks through and help them digest the information as well


All our retail operations are being driven under Allan's leadership, which only strengthens our ability to be more focused and to uncover growth opportunities to expand our customer share of wallet

all our retail operations are being driven under alan's leadership which only strengthens our ability to be more focused and to uncover growth opportunities to expand our customer share of wallet


Despite a slowing global economic environment and these dramatic fluctuations in oil prices witnessed in our fourth quarter, we continue to execute on our specific growth initiatives to drive our results.

despite a slowing global economic environment and these dramatic fluctuations in oil prices witnessed in our fourth quarter we continue to execute on our specific growth initiatives to drive our results


The genetics of neurological disorders has exploded, yielding critical insight to the new therapeutics, and we can now measure and monitor disease states of the brain with unprecedented precision.

the genetics of neurological disorders has exploded yielding critical insight into new therapeutics and we can now measure and monitor disease states of the brain with unprecedented precision


So we feel like we're set up extremely well for the rest of '18 and beyond. And -- but with that being said, we know there's room for growth and to get better, and we're investing in people, and we're investing in systems

so we feel like we're set up extremely well for the rest of '18 and beyond but with that being said we know there's room for growth and to get better and we're investing in people and we're investing in systems


preparing our summary and educating our team on the impact that this will have, but not so much on our company, but our clients,

preparing our summary and educating our team on the impact that this will have not so much on our company but our clients


So all of those will contribute towards the design wins for the second half. Beyond that, we are designing new products, which will not be necessarily revenue in the second half, but it will hit

so all of those will contribute towards the design beings for second half beyond that we are designing new products which will not be necessarily revenue in the second half but it will hit


internally. I think, they've done everything we've asked them to do and they've embraced the culture change and have been very supportive of the initiatives that we have driven over the past year.

internally i think they've done everything we've asked them to do and they've embraced i think the culture change and have been very supportive of the initiatives that we have driven over the past year


the last several quarters, it's been tracking well above revenue growth. And you mentioned you like the -- I think you said the visibility that the backlog provides. Can you talk about the differences between

the last several quarters it's been tracking well above revenue growth and you mentioned you like the -- i think you said the visibility that the backlog provides can you talk about the differences between


Such statements are subject to a variety of risks, uncertainties and other factors that could cause actual results to differ materially from those indicated or implied by such statements.

such statements are subject to a variety of risks uncertainties and other factors that could cause actual results to differ materially from those indicated or implied by such statements


the amount of maintenance capital that we need in order to hold rate flat. So we think we've done a good job in the first part of this year, building our rate back up to say that 46,000 to 47,000 barrel a day range,

the amount of maintenance capital that we need in order to hold rate flat so we think we've done a good job in the first part of this year building our rate back up to say that 46 000 to 47 000 barrel a day range


and in fact that actually helps us to build inventory. But we need to understand and know the impact of that sooner rather than later, which is why we're engaging in all of this activity. But ultimately, you're right. It gets down to

in effect that actually helps us to build inventory but we need to understand and know the impact of that sooner rather than later which is why we're engaging in all of this activity but ultimately you're right it gets down to


that reserve releases will decline gently over time as the historic high reserves flow through. Now it's notoriously hard to predict exactly how fast they will decline

but reserve releases will just decline gently over time as the historic high reserves flow through now it's notoriously hard to predict exactly how fast they will decline


I would say that the investment pipeline, from what I'm seeing, remains very robust. The key is, making sure that we're picking our spots and finding those investments where we bring value to the table.

i would say that the investment pipeline from what i am seeing remains very robust the key is making sure that we're picking our spots and finding those investments where we bring value to the table


Everyone on the planet today needs to be connected, and iPass offers the only global service that is affordable, easy to use and secure.

everyone on the planet today needs to be connected and ipass offers the only global service that is affordable easy to use and secure


our activities will first focus on safety. Even though the product has been approved, we will not start the promotion immediately, but rather,

our activities will first focus on safety even though the product has been approved we will not start the promotion immediately but rather


And when you do the depreciation on that, I think that you are looking at a useful life of 6 years as the bench -- rule of thumb. But for your useful life,

and when you do the depreciation on that i think that you're looking at a useful life of 6 years as the bench rule of thumb but for your useful life


The new issued calendar was active with subscription levels that were often several times larger than offered amounts. And secondary markets did not provide enough supply to satisfy the market's appetite for bonds.

the new issue calendar was active with subscription levels that were often several times larger than offered amounts and secondary markets did not provide enough supply to satisfy the market's appetite for bonds


more rationalized shelving that is less cluttered and more consumer friendly, and we're seeing that with several of the customers. So I would look at that

more rationalized shelving that is less cluttered and more consumer friendly and we're seeing that with several of the customers so i would look at that


With some IT enhancements, we are able to customize our student orientation and outreach support based on the degree level and prior college experience, making it more effective and specific.

with some it enhancements we are able to customize our student orientation and outreach support based on the degree level and prior college experience making it more effective and specific


We're very fortunate that our portfolio was not significantly impacted by the recent hurricanes. We monitored the storms very closely and had teams and supplies in place to quickly respond after the storms passed.

we're very fortunate that our portfolio was not significantly impacted by the recent hurricanes we monitored the storms very closely and had teams and supplies in place to quickly respond after the storms passed


You have my commitment and the commitment of the entire team here at Fred's to remain steady in our promise to apply resources and discipline to return to profitable growth.

you have my commitment and the commitment of the entire team here at fred's to remain steady in our promise to apply resources and discipline to return to profitable growth


I think in your last update, you talked about the ability to leverage it, lower levels than you have historically, I don't know if you could add any more color to that on this call, but that would be helpful?

i think in your last update you talked about the ability to leverage at lower levels than you have historically i don't know if you could add any more color to that on this call but that would be helpful


So just because the market's coming down, the good thing about that is the purchase market's going up, and if we get our part of that purchase market, then we should be okay.

so just because the market's coming down the good thing about that is the purchase market's going up and if we get our part of that purchase market then we should be okay


said -- made an observation. He'd been through 7 of these cycles, and he said in every other cycle, the majors and the big -- and the really big independents just bought up all the little guys.

made an observation he'd been through 7 of these cycles and he said in every other cycle the majors and the big -- and the really big independents just bought up all the little guys


They probably all look at themselves slightly differently. None of them see every other platform out there. That's what an independent third party does. We look across all the platforms, we look at them all on an apples-to-apples basis,

they probably all look at themselves slightly differently none of them see every other platform out there that's what an independent third party does we look across all the platforms we look at them all on an apples-to-apples basis


Despite the disruption of reorganizing and integrating, our operations team delivered very high levels of service and client retention has been outstanding so far.

despite the disruption of reorganizing and integrating our operations team delivered very high levels of service and client retention has been outstanding so far


Well, again, what we said was that Texas is not going to -- it shouldn't be expected to improve beyond what we did in the second quarter as you

well again what we said was that texas is not going to -- shouldn't be expected to improve beyond what we did in the second quarter you


And while these trends have supported our growth up to this point, I believe that these trends will only accelerate going forward, providing further momentum to our already-meaningful growth trajectory.

and while these trends have supported our growth up to this point i believe that these trends will only accelerate going forward providing further momentum to our already meaningful growth trajectory


Great. Thanks, Carl. Thanks for joining us today, everybody. As Carl mentioned, we have some really exciting news to share regarding our change in our tax structure, as we've elected to change to corporate tax status.

great thanks carl thanks for joining us today everybody as carl mentioned we have some really exciting news to share regarding our change in our tax structure as we've elected to change to corporate tax status


during the down quarters, the period of time where the customers would actually use that inventory in lieu of placing new orders with us,

during the down quarter is the period of time where the customers would actually use that inventory in lieu of placing new orders with us


We believe that our performance this quarter is a direct result of our strategic emphasis on quality, design and innovation, while providing for an excellent customer experience.

we believe that our performance this quarter is a direct result of our strategic emphasis on quality design and innovation while providing for an excellent customer experience


We have made progress over the last few quarters, and I'm pleased to see that continue into the first quarter of 2016. Executing these initiatives

we have made progress over the last few quarters and i'm pleased to see that continue into the first quarter of 2016 executing these initiatives


the Type 1 trial and obviously reach congruence with the agency and initiated the study and dosed the first patient. So as a result of that, we're working through the

the type 1 trial and obviously reached congruence with the agency and initiated the study and dosed the first patient so as a result of that we're working through the


It's really our intention to have the Mexican and U.S. operations provide a primary and the secondary source for all of our parts and that will provide us ultimate flexibility and scalability to each plant.

it's really our intention to have the mexican and u s operations provide a primary and a secondary source for all of our parts and that will provide us ultimate flexibility and scalability to each plant


There are more and more negative factors and less -- fewer and fewer positive factors. There is no reason why raw material prices do not go up.

there are more and more negative factors and less -- fewer and fewer positive factors there is no reason why raw material prices do not go up


Yes. Even in this current quarter as well as in next year. Endeavor is to improve margins, but at present, I think this looks to be a decent range to work with.

yes even in this current quarter as well as in next year endeavors to improve margins but at present i think this looks to be a decent range to work with


We continue to incorporate more automation on our networks and advance numerous low carbon network projects to enable increased adoption of distributed energy resources.

we continue to incorporate more automation on our networks and advance numerous low-carbon network projects to enable increased adoption of distributed energy resources


and it will be hotly followed by work on an extended large store in Heathrow Terminal 4. We believe this new format will continue to present new opportunities

and it will be hotly followed by work on an extended large store in heathrow terminal 4 we believe this new format will continue to present new opportunities


In Asset Management, we made reasonably steady progress, completing a business restructuring that saw fund derivatives and other related businesses transferred back to Global Markets.

in asset management we made reasonably steady progress completing a business restructuring that saw fund derivatives and other related businesses transferred back to global markets


And then I think you had also talked about employee turnover coming down recently. Any metrics around that? And what do you think is driving that? Have you made any changes on the training front? Or

and then i think you guys also talked about employee turnover coming down recently any metrics around that and what do you think is driving that have you made any changes on the training front or


This is why the earnings should continue to be generated at a satisfactory level, while the output volume is expected to exhibit strong growth.

this is why the earnings should continue to be generated at a satisfactory level while the output volume is expected to exhibit strong growth


They have been tremendous resources to facilitate our view into what is happening in terms of regulatory and legislative issues in the Healthcare space.

they have been tremendous resources to facilitate our view into what is happening in terms of regulatory and legislative issues in the healthcare space


Okay. And then final quick question is on your core heat-not-burn product that you, I believe, tested in Japan. Do you have any update that you can provide us this morning

okay and then final quick question is on your core heat not burn product that you i believe tested in japan do you have any update that you can provide us this morning


The Pitney Bowes of tomorrow will continue to evolve. I anticipate that our conversations a year from now will be different, just as they are different today from 5 years ago.

the pitney bowes of tomorrow will continue to evolve i anticipate that our conversations a year from now will be different just as they are different today from 5 years ago


then you would also have a counterbalancing significant positive for us because that's a very profitable business historically. So I think for now, looking at it as indicative,

then you would also have a counterbalancing significant positive for us because that's very profitable business historically so i think for now looking at it as indicative


The computation is limited at best. So we are selectively choosing those projects that give us the best opportunity to succeed.

the competition is limited at best so we are selectively choosing those projects that give us the best opportunity to succeed


continue to focus on credit in 2017 as we believe these types of assets will deliver more stable returns over current economic industry environments.

continue to focus on credit in 2017 as we believe these types of assets will deliver more stable returns over current economic interest rate environments


And it was not capital. But during the last year, we had regain some of that share. Of course, we are focused on gaining share too on the retail business.

and it was not profitable but during the last year we had regained some of that share of course we are focused on gaining share too on the retail business


Got it. That's helpful. And then also could you guys just comment I mean not to lose sight on the stuff you're doing on the digital front, I believe you've

got it that's helpful and then also could you guys just comment i mean not to lose sight on the stuff you're doing on the digital front i believe you


We continue to see the students purchasing their textbooks later in the semester, thus extending the rush sales period past the end of the quarter and into February.

we continue to see the students purchasing their textbooks later in the semester thus extending the rush sales period past the end of the quarter and into february


Our interactions with existing customers and prospects increased dramatically again this year. We conducted deep dive sessions with C-level executives to identify ways we could help them better secure their infrastructure.

our interactions with existing customers and prospects increased dramatically again this year we conducted deep dive sessions with c-level executives to identify ways we could help them better secure their infrastructure


We remain focused on our balance sheet with greatly reduced debt leverage as our goal. We're looking at the possibility of monetizing certain assets

we remain focused on our balance sheet with greatly reduced debt and leverage as our goal we're looking at the possibility of monetizing certain assets


to take advantage of these favorable market dynamics. With that, I will now turn this over to David to provide additional inputs on our financial results. David?

to take advantage of these favorable market dynamics with that i will now turn this over to david to provide additional inputs on our financial results david


are in that market right now and just what you and Mike and the team are seeing across on a return basis? That's just the first part of the question. The second part of the question would be,

are in that market right now on just what you and mike and the team are seeing across on a return basis that's just the first part of the question the second part of the question would be


while successfully maintaining the majority of the revenue from that segment by focusing on the top tier ESCOs. Nonetheless, this approach resulted in fewer transactions in the first quarter

while successfully maintaining the majority of the revenue from that segment by focusing on the top tier escos nonetheless this approach resulted in fewer transactions in the first quarter


We're also seeing a general increase in the size of the opportunities in the pipeline. Of our first 25 suppliers, we have several that measure their monthly invoice volumes in the hundreds.

we're also seeing a general increase in the size of the opportunities in the pipeline of our first 25 suppliers we have several that measure their monthly invoice volumes in the hundreds


But also remember, we don't have a single customer within IDEX that represents more than 2% of our sales, and so there has been some -- we've seen some commentary lately suggesting that it's substantially higher than that.

but also remember we don't have a single customer within idexx that represents more than 2% of our sales and so there has been some -- we've seen some commentary lately suggesting that it's substantially higher than that


some of which are beyond the company's control, may be identified by reference to a future period or periods, or by the use of forward-looking terminology such as may,

some of which are beyond the company's control may be identified by reference to a future period or periods or by the use of forward-looking terminology such as may


Our success in each market will be driven by further elevation and modernization of the third place experience we deliver to our customers and continued expansion of our digital advantage.

our success in each market will be driven by further elevation and modernization of the third place experience we deliver to our customers and continued expansion of our digital advantage


As a result, our average working capital as a percent of net sales value has improved consistently, reflecting the strong capabilities that we've put in place across the business.

as a result our average working capital as a percent of net sales value has improved consistently reflecting the strong capabilities that we've put in place across the business


Management believes the presentation of these non-GAAP financial measures are useful to investors in understanding and assessing the company's ongoing core operation and prospects for the future.

management believes the presentation of these non-gaap financial measures are useful to investors in understanding and assessing the company's ongoing core operation and prospects for the future


for 2016. On January 31, Dan was hit by a vehicle while he was cycling. And following the accident, he was hospitalized for an extended period of time.

for 2016 on january 31 dan was hit by a vehicle while he was cycling and following the accident he was hospitalized for an extended period of time


we have a little bit more lumpiness to our business because we don't have enough customer diversity yet to kind of weather when one customers starting to ramp and then they pause for a little bit before the other one begins their ramp. So I think there's

we have a little bit more lumpiness to our business because we don't have enough customer diversity yet to kind of weather when one customer is starting to ramp and then may pause for a little bit before the other one begins their ramp so i think there's


The second call is intended to give the company's English-speaking investors the same opportunity to both hear directly from management and ask questions pertaining to results and the operating environment.

the second call is intended to give the company's english-speaking investors the same opportunity to both hear directly from management and ask questions pertaining to results and the operating environment


of the customers that we want to market to, whether it's checks or small loans, we expect to get a better credit outcome going forward than -- from this point and going forward than we have gotten in the past.

of the customers that we want to market to whether it's checks or small loans we expect to get a better credit outcome going forward than -- from this point and going forward than we have gotten in the past


with more resources that can help them deal with change, particularly when those resources include quality resources that we bring to the table.

with more resources that can help them deal with change particularly when those resources include quality resources that we bring to the table


some large projects that we expected from consumer electronics and logistics customers were pushed out because of changes in their product road maps and demands on their engineering resources.

some large projects that we expected from consumer electronics and logistics customers were pushed out because of changes in their product roadmaps and demands on their engineering resources


our goal of this test is to optimize advertising spend while maintaining current demand levels and utilizing the savings to accelerate growth as well as improve overall profitability.

our goal with these tests is to optimize advertising spend while maintaining current demand levels and utilizing the savings to accelerate growth as well as improve overall profitability


So the problem child, as you go, does it keep going or does it stop? Does it do a flip and come back down?

so the problem child as you go does it keep going or does it stop or does it do a flip and come back down


The dislocation in the energy market and uncertainty in a number of industries has the potential to impact this piece of our business. Our full year projections have taken that risk into account.

the dislocation in the energy market and uncertainty in a number of industries has the potential to impact this piece of our business our full year projections have taken that risk into account


We refer to this upgrade initiative as Project Concrete and we spent the first part of this year conducting a detailed RFP, functional due diligence and ultimately a selection process for our future platform.

we refer to this upgrade initiative as project concrete and we spent the first part of this year conducting a detailed rfp functional due diligence and ultimately a selection process for our future platform


We believe that the cut is a -- gives us a distribution that is sustainable for the foreseeable future. It's difficult to predict

we believe that the cut is a -- gives us a distribution that is sustainable for the foreseeable future it's difficult to predict


our team has been working hard to respond to the outstanding inspectional observations while also making improvements in our manufacturing process and our quality oversight. It


Europe continued to be a strong contributor with fourth quarter sales growing 7%, highlighted by broad-based growth across the region from our pharmaceutical and medical research customers.

europe continued to be a strong contributor with fourth quarter sales growing 7% highlighted by broad-based growth across the region from our pharmaceutical and medical research customers


While we already have a strong balance sheet, full access to our global cash flow gives us the opportunity to optimize our capital structure for maximum flexibility and opportunistic investments.

while we already have a strong balance sheet full access to our global cash flow gives us the opportunity to optimize our capital structure for maximum flexibility and opportunistic investments


I'm very encouraged by both the acceptance and the reports back and not just from the plastic surgeons themselves, but also directly from the patients.

i'm very encouraged by both the acceptance and the reports back and not just from the plastic surgeons themselves but also directly from the patients


One of my indicators of the strength of this relationship is demonstrated by the high percentage of customers and sales reps greeting one another with a hug,

one of my indicators of the strength of this relationship is demonstrated by the high percentage of sales reps greeting one another with a hug


to Tribune's closing share price on April 22, and it provides certain value by eliminating the risks associated with Tribune continuing to operate

to tribune's closing share price on april 22 and it provides certain value by eliminating the risk associated with tribune continuing to operate


in those developed markets. We don't see any reason for that to change. I think the commodity deflation impact will be an area that we have to watch closely. It impacts certain types of products,

in those developed markets we don't see any reason for that to change i think the commodity deflation impact will be an area that we have to watch closely it impacts certain types of products


We've made good hires in building our internal leasing capability as well, and have increased the velocity of leasing since we started migrating the leasing function in-house in the first quarter.

we've made good hires in building our internal leasing capability as well and have increased the velocity of leasing since we started migrating the leasing function in-house in the first quarter


Also, please note that we will discuss certain non-GAAP financial measures in this call. Reconciliations on a GAAP basis for these measures are included in today's press release

also please note that we will discuss certain non-gaap financial measures in this call reconciliations on a gaap basis for these measures are included in today's press release


We continue to work with them very, very aggressively. We continue to provide information and in all honesty one of the great things that Fran is going to help us with is with

we continue to work with them very very aggressively we continue to provide information and in all honesty one of the great things that fran is going to help us with is with


The highway ban impact has been reducing sequentially in the first half as outlets reopen or relocate, and business has normalized at the end of the first half.

the highway ban impact has been reducing sequentially in the first half as outlets reopen or relocate and business has normalized at the end of the first half


The decline in cash was primarily attributable to recent operating losses and a planned build in inventory during the third quarter, partially offset by increases in our payable accounts.

the decline in cash was primarily attributable to recent operating losses and a planned build in inventory during the third quarter partially offset by increases in our payable accounts


This is why we will move forward with shaping new business models by leveraging our ingenuity, with pursuing the creation of business value that contributes to society

this is why we will move forward with shaping new business models by leveraging our ingenuity with pursuing the creation of business value that contributes to society


This said, with the many sale transactions we anticipate across the next 6 to 12 months, we also expect to distribute special dividends and use additional proceeds to reduce leverage.

this said with the many sale transactions we anticipate across the next 6 to 12 months we also expect to distribute special dividends and use additional proceeds to reduce leverage


In addition, a reconciliation of GAAP to non-GAAP results is contained in today's press release and in the supplemental information attached to today's presentation.

in addition a reconciliation of gaap to non-gaap results is contained in today's press release and in the supplemental information attached to today's presentation


Now the volume is not a big market, obviously, as the residential fabric. But it's a plenty of growth opportunity for us in that marketplace

now the volume is not as big market obviously as the residential fabric but it's plenty of growth opportunity for us in that marketplace


This innovative work in immuno-oncology by our scientists has been recognized by our peers at the Research and Development Council of New Jersey,

this innovative work in immuno-oncology by our scientists has been recognized by our peers at the research and development council of new jersey


It is normal for our business to use cash during the seasonally slow first quarter in order to prepare inventories for the start of major construction activity in the spring and summer.

it is normal for our business to use cash during the seasonally slow first quarter in order to prepare inventories for the start of major construction activity in the spring and summer


We are proud to report that our strong commitment to support our teammates' professional development and the cultural changes we have made across the organization have had a tremendous impact on our ability to retain talent,

we are proud to report that our strong commitment to support our teammates' professional development and the cultural changes we have made across the organization have had a tremendous impact on our ability to retain talent


I will talk in a minute about our not-for-profit strategy, which I want to make clear has nothing to do with current regulations imposed by the Department of Education on for-profit institutions.

i will talk in a minute about our not-for-profit strategy which i want to make clear has nothing to do with current regulations imposed by the department of education on for-profit institutions


in the near term as we go forward, as we continue to evaluate other growth opportunities, whether there are organic growth opportunities like our entry into the truck body markets, which we believe will

in the near term as we go forward as we continue to evaluate other growth opportunities whether they're organic growth opportunities like our entry into the truck body markets which we believe will


from the investment community to buy those type of assets. So they move the cap rate out. They've also been a bit more forensic on the rents and probably in some cases taken a more conservative view on the future market rents.

from the investment community to buy those type of assets so they've moved the cap rate out they've also been a bit more forensic on the rents and probably in some cases taken a more conservative view on the future market rents


Fiscal year '18 first half results were characterized by strong positive growth on both sales and the profits. The main content is as shown here.

fiscal year '18 first half results were characterized by strong positive growth on both sales and profits the main content is as shown here


Now that we've had a chance to go deeper and get more granular in areas where we just couldn't get full transparency preclose, we're quite pleased. Dave will talk more about this during his comments.

now that we've had a chance to go deeper and get more granular in areas where we just couldn't get full transparency pre-close we're quite pleased dave will talk more about this during his comments


but we'll be very disciplined and we'll only select projects which align to our strategy, have a lose fit to our capabilities and which deliver superior returns.

but we'll be very disciplined and we'll only select projects which align to our strategy have a close fit to our capabilities and which deliver superior returns


We don't want to imply that it can't be accomplished, but it's going to be more involved than simply shuttling people from one place to another. So to be honest, it's too early to know the impact of this initiative on the overall market.

we don't want to imply that it can't be accomplished but it's going to be more involved than simply shelling people from one place to another so to be honest it's too early to know the impact of this initiative on the overall market


to work with them in terms of the way they look at their risk profile and so on, and in how we can improve the efficiency of the scheme

to work with them in terms of the way they look at their risk profile and so on and then how we can improve the efficiency of the scheme


This includes an extended partnership with Just Retirement that allows customers to access options such as simplified financial advice, drawdown products and enhanced annuities.

this includes an extended partnership with just retirement that allows customers to access options such as simplified financial advice drawdown products and enhanced annuities


tools operation and the reason we kept those in the mix for the capital spending for this year is that those really have a very short payback period.

rental tools operation and the reason we kept those in the mix for the capital spending for this year is that those really have a very short payback period


We undertake no obligation to update our forward-looking statements to reflect subsequent events or circumstances, and you should not assume later in the quarter that the comments we make today are still valid.

we undertake no obligation to update our forward-looking statements to reflect subsequent events or circumstances and you should not assume later in the quarter that the comments we make today are still valid


Strong growth, together with excellent operating costs and productivity management, lifted the first quarter margin by 100 basis points over last year.

strong growth together with excellent operating costs and productivity management lifted the first quarter margin by 100 basis points over last year


We're not in the room with them now. So we can only assume as affiliates that the OTT providers that really want something and have not been able to get it from the networks

we're not in the room with them now so we can only assume as affiliates that the ott providers that really want something and have not been able to get it from the networks


as we continue to expand our customer base. Haptics are being adopted more broadly than ever across existing markets and into new and emerging spaces as well.

as we continue to expand our customer base haptics are being adopted more broadly than ever across existing markets and into new and emerging spaces as well


reflecting strong leasing productivity and redevelopment execution over the last 12 to 18 months despite the headwinds experienced in the fourth quarter due to the rejection of 6 of our 11 Sears Kmart leases,

reflecting strong leasing productivity and redevelopment execution over the last 12 to 18 months despite the headwinds experienced in the fourth quarter due to the rejection of 6 of our 11 sears kmart leases


And we really -- we feel relatively satisfied within this undoubtedly bad news because we've been able -- given our

and we really -- we feel relatively satisfied within this update with that news because we've been able -- given our


we can say that we've left the low or the lower point behind us, but how fast and how many interest rates increases we're going to see this year, I think that's open. That's something we need to follow. And obviously,

we can say that we've left the low -- or the lower point behind us but how fast and how many interest rates increases we're going to see this year i think that's open that's something we need to follow and obviously


Before we go through the financial results, I'd like to remind everyone that unless otherwise noted, I'll be discussing the company's financial results, comparisons to prior periods and guidance on a continuing-operations basis.

before we go through the financial results i'd like to remind everyone that unless otherwise noted i'll be discussing the company's financial results comparisons to prior periods and guidance on a continuing operations basis


It's been just over a month since launch, and we have seen some amazing stories from advertisers such as State Farm, Domino's, T-Mobile and American Express.

it's been just over a month since launch and we have seen some amazing stories from advertisers such as state farm dominos t-mobile and american express


together and accessorize a complete bathroom that a person would consider a work of art in their home. This is

together and accessorize a complete bathroom that a person would consider a work of art in their home this is


also taking the opportunity to redesign the kitchen to handle larger batch sizes, which will give us greater productivity and better unit cost and better quality control as well.

they're also taking the opportunity to redesign the kitchen to handle larger batch sizes which will give us greater productivity and better unit cost and better quality control as well


and reduce our dependence on any one individual customer. However, it is uncertain as to the level of revenues to expect in China on a quarterly or annual basis.

and reduce our dependence on any one individual customer however it is uncertain as to the level of revenues to expect in china on a quarterly or annual basis


We believe it is important for our shareholders to have the opportunity to understand the impact of these accounting treatments. And as such, we have prepared a couple of slides to help with this.

we believe it is important for our shareholders to have the opportunity to understand the impact of these accounting treatments and as such we've prepared a couple slides to help with this


Operating cash flow was unfavorably impacted by lower operating results and the partial unwinding of our net contract capital position, which we expected.

operating cash flow was unfavorably impacted by lower operating results and the partial unwinding of our net contract capital position which we expected


This work provides critical new balance to our Transportation segment portfolio as we work to complete and mitigate the impact of 3 legacy unconsolidated joint venture projects.

this work provides critical new balance to our transportation segment portfolio as we work to complete and mitigate the impact of 3 legacy unconsolidated joint venture projects


which they are going to take up at their December board meeting, the amount that we receive as 26% owner is not that significant compared to the amount we receive

which they are going to take up at their december board meeting the amount that we receive as 26% owner is not that significant compared to the amount we receive


So our comments around persistence are not a flag of people stopping taking it, whether it's due to efficacy or some other matter. It's just more of a statement that as

so our comments around persistence are not a flag of people stopping taking it whether it's due to efficacy or some other matter it's just more of a statement that as


lot of the IDMs use packages in China, and it does seem like they're looking to go to the Philippines and Malaysia quite fast. I was just wondering, on your China business only, have you seen

a lot of the idms use packages in china and it does seem like they're looking to go to the philippines and malaysia quite fast i was just wondering on your china business only have you seen


So some of the things we're looking to do is develop other programs outside of the 4 that we currently are in to make utilization of those opportunities. Number two,

so some of the things we're looking to do is develop other programs outside of the 4 that we currently are in to make utilization of those opportunities number two


and that's where we see the future growth and the future potential of the company. So with that early introduction, I'll turn it over to Kyle for a summary of our Q2 financial results.

and that's where we see the future growth and the future potential of the company so with that early introduction i'll turn it over to kyle for a summary of our q2 financial results kyle


where they were fairly dramatically changed through the second half of last year. The order patterns are returning to normal and so on. But I think it's too early to call it for June.

where they were fairly dramatically changed through the second half of last year the order patterns are returning to normal and so on but i think it's too early to call it for june


It has become less expensive and more efficient to print in color, and our recent investment in new print technology has helped us to penetrate and grow this market.

it has become less expensive and more efficient to print in color and our recent investments in new print technology has helped us to penetrate and grow this market


new initiation, that we have seen severe surges in the metal prices, and our customers also recognize the surge in metal prices as well.

new initiation that we have seen severe surges in the metal prices and our customers also recognize the surge in metal prices as well


starting almost from symbolically maybe from west to east, stepping up Nigeria where we entered in 2016, establishing also a local production capacity

starting almost from symbolically maybe from west to east stepping up nigeria where we entered in 2016 establishing also a local production capacity


As we've said previously, the first quarter of the year is by far our slowest, due to fewer days and heightened seasonality impacting both lower revenues and higher expenses.

as we've said previously the first quarter of the year is by far our slowest due to fewer days and heightened seasonality impacting both lower revenues and higher expenses


the commission reduction is not likely to have much of an impact in 2018. That will build over the years ahead as more new bookings get made.

the commission reduction is not likely to have much of an impact in 2018 that will build over the years ahead as more new bookings get made


These risks and uncertainties include general economic conditions as well as other risks detailed from time to time in InfuSystem's publicly filed documents with the Securities and Exchange Commission.

these risks and uncertainties include general economic conditions as well as other risks detailed from time to time in infusystems' publicly filed documents with the securities and exchange commission


Right. No, I get that. I just wanted maybe a little bit more clarity as to how you plan to cover that dividend, if it's over your fee earnings. I guess, is it just going to be through investment sales? Is that

right no i get that i just wanted maybe a little bit more clarity as to how you're planning to cover that dividend if it's over your fee earnings i guess is it just going to be through investment sales is that


with a very high degree of our dividend being supported by long-dated permanent capital. And the opportunity now to build balance sheet to drive growth is just something that people haven't seen before,

with a very high degree of our dividend being supported by long-dated permanent capital and the opportunity now to build balance sheet to drive growth is just something that people haven't seen before


historically characterized by renewals of existing client accounts to one that is now more defined by new logos and new scope from existing clients


And if you take those into consideration, plus what is happening on the oil front that is helping the overall numbers for Colombia and the trade side,

and if you take those into consideration plus what is happening on the oil front that is helping the overall numbers for colombia and the trade side


We have a strong diversified platform that we continuously optimize and expand as we implement our strategy to maximize cash flow and provide a steady consistently growing distribution for investors.

we have a strong diversified platform that we continuously optimize and expand as we implement our strategy to maximize cash flow and provide a steady consistently growing distribution for our investors


We view this as directionally positive for transmission owners as the new methodology uses more inputs, which is expected to result in a broader zone of reasonableness. This

we view this as directionally positive for transmission owners as the new methodology uses more inputs which is expected to result in a broader zone of reasonableness


evolution of these consortium purchasing dynamics. And while perhaps that may have not played out in price, certainly seems to have played out in fairly significant negative volume

evolution of these consortium purchasing dynamics and while perhaps that may have not played out in price certainly seems to have played out in fairly significant negative volume


In our new VCSEL laser fab in Sherman, Texas, we have completed the uplift of the building and installed a significant amount of the capital equipment for our first phase of capacity.

in our new vixel laser fab in sherman texas we have completed the uplift of the building and installed a significant amount of the capital equipment for our first phase of capacity


Ladies and gentlemen, we are very proud that in the current macroeconomic situation, we continue or even improve our excellent performance

ladies and gentlemen we are very proud that in the current macroeconomic situation we continue or even improve our excellent performance


Again, the need for quality effective weight loss solutions has never been greater. We look forward to bringing more solutions to more people to help them with healthier and happier lives.

again the need for quality effective weight loss solutions has never been greater we look forward to bringing more solutions to more people to help them live healthier and happier lives


that's probably the other comment that I would make is that we certainly have areas around the world that may or may not see different types of inflation. My comment is certainly around the broad business and our ability to be able to

that's probably the other comment that i would make is that we certainly have areas around the world that may or may not see different types of inflation my comments certainly around the broad business and our ability to be able to


For a more detailed discussion of the major risk factors affecting our business, please refer to our latest 10-K and 10-Q filed with the Securities and Exchange Commission.

for a more detailed discussion of the major risk factors affecting our business please refer to our latest 10-k and 10-q filed with the securities and exchange commission


of that Supreme Court decision, that will make it possible for us to respond. According to our best knowledge today, the provision is adequate, but we have to wait for the details,

of that supreme court decision that will make it possible for us to respond according to our best knowledge today the provision is adequate but we have to wait for the details


Before we begin, I would remind you that the statements we will make on today's call are covered by our safe harbor disclaimer contained in our press release, presentation and public documents.

before we begin i would remind you that the statements we will make on today's call are covered by our safe harbor disclaimer contained in our press release presentation and public documents


In fact, since the launch in late June, we have had strong customer response and are pleased with the trajectory of customer acquisition to date.

in fact since the launch in late june we have had strong customer response and are pleased with the trajectory of customer acquisition to date


and believe they'll be an exceptional addition to Rollins. Founded by the Phillips family in 1951 and headquartered on the outskirts of Atlanta

and believe that they'll be an exceptional addition to rollins founded by the phillips family in 1951 and headquartered on the outskirts of atlanta


as we've all talked about, multiples are a bit high right now but that doesn't dampen our enthusiasm or our activities in that area. And then certainly,

as we've all talked about multiples are a bit high right now but that doesn't dampen our enthusiasm or our activities in that area and then certainly


At SITC, we presented new data in a mouse melanoma model providing evidence that these neoantigen-specific inhibitory responses could be tumor-promoting.

at sitc we presented new data in a mouse melanoma model providing evidence that these neoantigen-specific inhibitory responses could be tumor promoting


The proceeds from this disposition were used to repay the REIT's construction facility and the remaining proceeds will be used to complete the retail parking garage being constructed at the office complex.

the proceeds from this disposition were used to repay the reit's construction facility and the remaining proceeds will be used to complete the retail parking garage being constructed at the office complex


so that we can see on either side of a bounded well how much difference it makes. So that way, we can really calibrate. So when reach a conclusion, we've got some pretty firm ideas.

so that we can see on either side of a bounded well how much difference it makes so that way we can really calibrate so when we reach a conclusion we've got some pretty firm ideas


We've worked with them for over the last 15 years, so we know that our longer-term commitment can make an even bigger difference to communities where water is a scarce resource.

we've worked with them for over the last 15 years so we know that our longer-term commitment can make an even bigger difference to communities where water is a scarce resource


You may not have heard about 3rd Space, but I'm sure you've been there, those consumer occasions which are not in traditional on-trade or at-home occasions.

you may not have heard about third space but i'm sure you've been there those consumer occasions which are not in traditional on-trade or at-home occasions


This will mean employees understand why the controls are critical rather than just being told they are critical. We are reinforcing this local ownership with the Leadership Interactions Program

this will mean employees understand why the controls are critical rather than just being told they are critical we are reinforcing this local ownership with the leadership interactions program


Now your other question could be, what if instead of being capital, doctrine changes and its voting rights. We have everything in place with Renova where if

now your other question could be what if instead of being capital suddenly the doctrine changes and it's voting rights we have everything in place with renova where if


We have many organic investment opportunities across the portfolio, and we believe we are investing appropriately to achieve above-market return on shareholder capital.

we have many organic investment opportunities across the portfolio and we believe we are investing appropriately to achieve above-market return on shareholder capital


with good quality, and the competitive intensity isn't as great as it used to be. Where there's still a tranche of business where we have

with good quality and the competitive intensity isn't as great as it used to be where -- there's still a tranche of business where we have


And when the cycle is down, margins go up because it's mostly recurring revenue. It's mostly service and consumables. And as the cycle recovers, margins decline because you're starting to get project business coming in

and when the cycle is down margins go up because it's mostly recurring revenue it's mostly service and consumables and as the cycle recovers margins decline because you're starting to get project business coming in


at all. And indeed, as we look out into the future and the world where we are doing actually more remote asset monitoring, remote services, industrial internet related services,

at all and indeed as we look out into the future in a world where we're doing actually more remote asset monitoring remote services industrial internet related services


and that's on the operational side, primarily in energy. And we're not hopeful now at this point that that's going to recover for the end of the year as our customers manage cash to the end of their balance sheets.

and that's on the operational side primarily in energy and we're not hopeful now at this point that that's going to recover for the end of the year as our customers manage cash to the end of the balance sheets


and thank you all for joining us today. I'll be starting on Slide 4. We delivered third quarter results that operationally met the high end of our forecast and were slightly above our guidance

and thank you all for joining us today i'll be starting on slide 4 we delivered third quarter results that operationally met the high end of our forecast and were slightly above our guidance


Fortune 500 companies are not going to commit to orders until they have tested our products exhaustively and are convinced that will make a tangible difference to their business.

fortune 500 companies are not going to commit to orders until they have tested our products exhaustively and are convinced that will make a tangible difference to their business


Well, thank you all very much for your participation today. While we're proud of the results for many of our businesses, we clearly understand that our mission is to deliver growth.

well thank you all very much for your participation today while we're proud of the results from many of our businesses we clearly understand that our mission is to deliver growth


We believe these partnerships and the increasing use of our PayPal for Partners and Marketplaces product will help to seamlessly connect buyers and sellers in the world's highest-growth marketplaces and digital sales channels,

we believe these partnerships and the increasing use of our paypal for partners and marketplaces product will help to seamlessly connect buyers and sellers in the world's highest growth marketplaces and digital sales channels


Our guidance also does not include any expectation of future increases. We don't look at forward rates to determine what guidance should be. We simply

our guidance also does not include any expectation of future increases we don't look at forward rates to determine what guidance should be we simply


making investments we need to make to grow the business and driving efficiency and controlling costs in ways that we create positive operating leverage,

on making investments we need to make to grow the business and driving efficiency and controlling costs in ways that we create positive operating leverage


Consistent with recent years, we anticipate revenues related to a large client contract will be realized in the second quarter due to the structure of the contract.

consistent with recent years we anticipate revenues related to a large client contract will be realized in the second quarter due to the structure of the contract


These solutions include an expanding range of programs, which combine our deep specialized approach to patient care with our ability to creatively contract for best cost and care outcomes.

these solutions include an expanding range of programs which combine our deep specialized approach to patient care with our ability to creatively contract for best cost and care outcomes


Our revenue growth was primarily driven by higher volumes in our core decking and railing business, reflecting Trex's brand strength and continued ability to outpace industry growth rates.

our revenue growth was primarily driven by higher volumes in our core decking and railing business reflecting trex's brand strength and continued ability to outpace industry growth rates


And we are very ecstatic about that, and we think the base is now solid to have exponential growth on a go-forward basis because the -- all of our problems have been

and we are very ecstatic about that and we think the base is now solid to have exponential growth on a go-forward basis because the -- all of our problems have been


we believe Nexus will enable us to benefit from cross-selling opportunities by further penetrating current customer accounts and expanding our addressable market to a broader range of procedures.

we believe nexus will enable us to benefit from cross-selling opportunities by further penetrating current customer accounts and expanding our addressable market to a broader range of procedures


In the Data business, the number of subscriptions continued to decline year-over-year. This was again partly offset by a more favorable average pricing.

in the data business the number of subscriptions continued to decline year-on-year this was again partly offset by a more favorable average pricing


decision is expected by December with final rates effective in January of 2017. We also have pending rate cases in Minnesota and in Texas.

decision is expected by december with final rates effective in january of 2017 we also have pending rate cases in minnesota and in texas


The problem is you have a delay when you get the quotes from the time you get those converted orders, and then you get the designs completed and then you actually get the materials in place and you get the bills and that's

the problem is you have a delay when you get the quotes from the time you get those converted orders and then you get the designs completed and then you actually get the materials in place and you get the build and that's why


the fact that we think that we have done as much as we can do at this point in time to solidify our position in that particular exposure to the oil and gas sector


The increase is due to the reported increase in royalty income plus the fact that the available tax amortization decreases each year on a declining basis. The

the increase is due to the reported increase in royalty income plus the fact that the available tax amortization decreases each year on a declining basis


financial condition or results of operations of the company to be materially different from any future performance, financial condition or results of operations implied by such forward-looking statements.

financial condition or results of operations of the company to be materially different from any future performance financial condition or results of operations implied by such forward-looking statements


But it -- potentially, the answer is yes. It doesn't mean that we will buy more companies. It doesn't mean anything like that. But

but potentially the answer is yes it doesn't mean that we will buy more companies it doesn't mean anything like that but


innovation that eliminates the need for the use of thrombolytics, reducing the likelihood of ICU time and bleeding complications that significantly affect patient recovery and outcomes.

innovation that may eliminate the need for the use of thrombolytics reducing the likelihood of icu time and bleeding complications that significantly affect patient recovery and outcomes


During July, we begin the transition between mining contractor with the new mining contractor expected to take over full responsibility for both ore and waste mining before the end of this year.

during july we began the transition between mining contractors with the new mining contractor expected to take over full responsibility for both ore and waste mining before the end of this year


the tax. As an executive committee member and director of AdvaMed, the medical device industry association, I've worked with our local elected representatives over the years to bring light to the issue.

the tax as an executive committee member and director of advamed the medical device industry association i've worked with our local elected representatives over the years to bring light to the issue


As our volume increases, we are able to better leverage our manufacturing overhead, increase the benefit from our operational excellence efforts and manage growth in operating expenses to be slower than top line growth.

as our volume increases we're able to better leverage our manufacturing overhead increase the benefit from our operational excellence efforts and manage growth in operating expenses to be slower than top line growth


We are continuing to work on optimizing our plants to assimilate new production activities and to improve plant efficiencies. The affected businesses

we are continuing to work on optimizing our plants to assimilate new production activities and to improve plant efficiencies the affected businesses


Before discussing our technical guidance, I want you to take a -- take you through a more detailed look at this year's EPS and how this sets up for next year.

before discussing our technical guidance i want you to take it -- take you through a more detailed look at this year's eps and how this sets up for next year


On the quality control and other operational improvements that you're implementing in order to try to avoid any sort of steel- or paint-related issues in the future,

on the quality control and other operational improvements that you're implementing in order to try and avoid any sort of steel or paint-related issues in the future


So the answer is it was designed to use the cash available to get to that million subscriber level. But as Jirka said, this year is really going to be the year where we evaluate what is the right

so the answer is it was designed to use the cash available to get to that 1 million subscriber level but as jyrka said this year is really going to be the year where we evaluate what is the right


all of those areas laid with fibre, I think at some point will help amortize back into our Wireless cost or help amortize the fibre cost, I guess, is another way to think about it. But it's really early days there for that.

all of those areas laid with fiber i think at some point we'll help amortize back into our wireless cost or help amortize the fiber cost i guess is another way to think about it but it's really early days there for that


And as we look through '17 we will through this year and exit the year with the fastest wireless network in all major cities in the country.

and as we look through '17 we will through this year exit the year with the fastest wireless network in all major cities in the country


Also in light of limited new capacities coming on line, we expect demand supply dynamic to be tight with refining margin expected to be quite positive.

also in light of limited new capacities coming online we expect demand-supply dynamic to be tight with refining margin expected to be quite positive


And finally, our success rate or hit rate, if you will, on opportunities is up nearly 25%. So we've never been in better position to realize that sales growth.

and finally our success rate or hit rate if you will on opportunities is up nearly 25% so we've never been better positioned to realize that sales growth


Again, this improvement was only possible because of our excellent operational execution across all controllable aspects of our business in a very challenging environment.

again this improvement was only possible because of our excellent operational execution across all controllable aspects of our business in a very challenging environment


Our sales of common alloy aluminum remain consistent from a volume standpoint with most of our product being sold to sheet metal fabricators that support a variety of end markets.

our sales of common alloy aluminum remain consistent from a volume standpoint with most of our product being sold to sheet metal fabricators that support a variety of end markets


in that quarter last year because of a surge in product deliveries, both to domestic and international customers that happened to fall into

in that quarter last year because of a surge in product deliveries both to domestic and international customers that happened to fall into


We do expect continued pricing pressure in our China field businesses as we look into Q2, but we're going to work to offset that headwind with cost actions.

we do expect continued pricing pressure in our china field businesses as we look into q2 but we're going to work to offset that headwind with cost actions


It's a combination of new markets and existing markets. I'd have to go back to last year and see what the mix was, but I'd be surprised if it was any different.

it's a combination of new markets and existing markets and i'd have to go back to last year and see what the mix was but i'd be surprised if it was any different


I will tell you that we -- from our perspective, we believe we're never done on driving that cost structure. We continue -- as I said, the organization continues to identify new opportunities

i will tell you that we -- from our perspective we believe we're never done on driving that cost structure we continue -- as i said the organization continues to identify new opportunities


We took the decision to write down in full the value of the deferred consideration associated with the Allied sale, given our reduced expectations of recovery.

we took the decision to write down in full the value of the deferred consideration associated with the allied sale given our reduced expectations of recovery


So I would fully expect that Huawei would be complying with everything necessary to clean their name. And if there was a bad actor, they would be taking action where it seems that ZTE did not.

so i would fully expect that huawei would be complying with everything necessary to clean their name and if there was a bad actor they would be taking action where it seems zte did not


I would like to close this presentation by expressing how appreciative I am for the outstanding work of all the employees of both Swift and Knight,

i would like to close this presentation by expressing how appreciative i am for the outstanding work of all the employees of both swift and knight


commodity type films that are readily available around the globe. But I don't think you should be surprised to see us either through an acquisition or perhaps in a direct investment,

commodity type films that are readily available around the globe but i don't think you should be surprised to see us either through an acquisition or perhaps in a direct investment


It is certainly the decision of China has a big role that is difficult to foresee for us because on the one side, very

it is certainly the decision of china has a big role that is still difficult to foresee for us because on the one side very


We're looking forward to welcoming the Avendra and AmeriPride teams to the Aramark family, and to the contributions that their experienced management teams will make to our ongoing success.

we're looking forward to welcoming the avendra and ameriprise teams to the airmark family and to the contributions that their experience management teams will make to our ongoing success


This will include all subjects enrolled in Parts 1 and 2, and per the protocol and the statistical analysis plan, placebo subjects will be pooled from both parts for analysis.

this will include all subjects enrolled in parts 1 and 2 and per the protocol and the statistical analysis plan placebo subjects will be pooled from both parts for analysis


and so I'm not sure that there's going to be a significant opportunity to increase price. But what their lower reimbursement was doing was dampening the momentum in the market. It was a very small part of the market,

and so i'm not sure that there's going to be a significant opportunity to increase price but what the lower reimbursement was doing was dampening the momentum in the market it was a very small part of the market


This software-centric architecture enables us to achieve a greater level of scalability, improved operational efficiency, shorter deployment times and enhanced security

this software-centric architecture enables us to achieve a greater level of scalability improved operational efficiency shorter deployment times and enhanced security


All of this potential revenue is difficult to predict and forecast financially, but does represent examples of technology within RMD, which could be spun out

all of this potential revenue is difficult to predict and forecast financially but does represent examples of technology within rmd which could be spun out


maybe you can talk a little bit about how challenging you expect that part of the market to be for expensive orphan drugs. And how do you expect this to unfold post launch?

maybe you can talk a little about how challenging you expect that part of the market to be for expensive orphan drugs and how do you expect this to unfold post launch


From the perspectives of communication and arts, I think noodle story is a very artistic and special success.

from the perspectives of communication and arts i think noodle story is a very artistic and special success


and make sure we're getting in at the right entry point. I'm not saying you can't make money. I've done it, but you better be sure that you're getting in and then you better make sure if you're doing it in a big deal

and make sure we're getting in at the right entry point i'm not saying you can't make money i've done it and -- but you better be sure that you're getting in and then you better make sure if you're doing it in a big deal


Good morning, everyone, and thank you for joining our conference call, where we will discuss our operational and financial results for the first quarter of 2017 and provide an update regarding our ongoing projects and operations.

good morning everyone and thank you for joining our conference call where we will discuss our operational and financial results for the first quarter of 2017 and provide an update regarding our ongoing projects and operations


they haven't disappointed us. It has taken every bit as long as they told us it would. But Tom makes a very good point. And that's what I was alluding to about

they haven't disappointed us it has taken every bit as long as they told us it would but tom makes a very good point and that's what i was alluding to about


It will take some time to successfully address the challenges that our company faces today and it will take time to reposition Endo for long-term success.

it will take some time to successfully address the challenges that our company faces today and it will take time to reposition endo for long-term success


our -- is this creating sort of situations where you need to valuate particular packages that you produce, or you need to think about sort of alternative formats?

are -- is this creating sort of situations where you need to evaluate particular packages that you produce or you need to think about sort of alternative formats


Yes -- no, well, I don't -- we don't do that. I will tell you that in the final analysis with Clear Lam, we expect that multiple to be

yes no well i don't -- we don't do that i will tell you that in the final analysis with clearlam we expect that multiple to be


It is imperative that we take the advantage of this unique opportunity to implement those reforms that are essential to achieving a long-term sustainable growth.

it is imperative that we take the advantage of this unique opportunity to implement those reforms that are essential to achieving a long-term sustainable growth


Despite these challenges, we remain focused on serving our customers, executing our business strategies and seizing opportunities that arose.

despite these challenges we remain focused on serving our customers executing our business strategies and seizing opportunities that arose


Listeners are cautioned that these statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in any forward-looking statements.

listeners are cautioned that these statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in any forward-looking statements


From your observation of the customer behavior, how important it is for the operator to have their 4G network in the rural area, meaning the remote area?

from your observation of the customer behavior how important it is for the operator to have the 4g network in the rural area meaning the remote area


We saw a number impact for total year '16 right in the middle of that range. And for the fourth quarter, I will call it very similar to that of

we saw a number impact for total year '16 right in the middle of that range and for the fourth quarter i would call it very similar to that


And while we're still investing, as we always do, in the best people around the market, we've started to moderate a little bit, particularly as it relates to capital market.

and while we're still investing as we always do in the best people around the market we've started to moderate a little bit particularly as it relates to capital markets


Finally, we will further demonstrate that we are a leader in walking rig technology with the delivery of the first rig with our new proprietary APEX-XC rig design.

finally we will further demonstrate that we are a leader in walking rig technology with the delivery of the first rig with our new proprietary apex xc rig design


Without the decrease in the proportion of rigs on standby, total average rig operating cost per day would have decreased as a result of fixed cost being spread over more operating days.

without the decrease in the proportion of rigs on standby total average rig operating cost per day would have decreased as a result of fixed costs being spread over more operating days


Lower OPEC production, supply outages and lack of weather delays prevented the spot market from stepping up to seasonally expected winter trading freight levels.

lower opec production supply outages and lack of weather delays prevented the spot market from stepping up to seasonally expected winter trading freight levels